Millennials exhibit contradictory financial behaviour

Millennials believe they’re more price conscious and better at managing their money than other generations, but they’re also inclined towards impulsive purchases and risky investments like cryptocurrency, according to data from GWI.

Why it matters

This seeming contradiction is at least in part a reflection of the times in which they’ve grown up, from the global financial crisis of 2008, through COVID-19 and today’s cost-of-living crisis, all of which have had a profound effect on their lifestyles, and their buying and saving behaviours.

“It’s clear that this is a generation with an awareness of their responsibilities, but they still want to enjoy life, look after themselves, and take some risks when it comes to investments,” says Jason Mander, Chief Research Officer at GWI.

Takeaways 

• The number of millennials investing in cryptocurrency has grown by 65% since 2019
• Millennials are more likely to be impulsive with their purchasing (35%), despite increased financial awareness
• Millennials are spending less time online – a consequence of them maturing and taking on additional responsibilities and priorities both at home and at work.

Sourced from GWI